5 highlights of MOM labour survey

5 highlights of MOM labour survey

The Ministry of Manpower released preliminary figures on Singapore's labour force yesterday. Here are some highlights from the Comprehensive Labour Force Survey.

1. Real income grew by 3.9 per cent, up from 2.5 per cent last year.

This is income growth after taking inflation into account. To look at it another way, this is what income growth would be if inflation was zero.

This means pay is rising more than prices are - and rising faster than it did last year.

2. Median income rose 6.5 per cent to $3,705, up from $3,480 last year.

This is the income at the midpoint.

This means that half of all full-time, employed residents here earn $3,705 or more a month. The other half earns $3,705 or less.

3. Resident labour force participation rate hit 66.7 per cent, a record high.

This is the percentage of residents aged 15 and older who are in the labour force, that is, either working or looking for work. This means more Singaporeans and permanent residents have a job or want a job.

4. The employment rate for residents aged 25 to 64 hit 79 per cent, a record high.

It is up from 78.8 per cent last year and 71.8 per cent in 2003.

5. The employment rate of older residents hit a new high of 65 per cent.

This means more of the elderly are working than ever before.


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